OPEC, Russia and other oil-producing nations finalized an unprecedented production cut of nearly 10 million barrels in hopes of boosting crashing prices
The cartel and other nations agreed to allow Mexico to cut only 100,000 barrels a month, a sticking point for an accord initially reached Friday after a marathon video conference between 23 nations. They reached the deal just hours before Asian markets reopen Monday as international benchmark Brent crude traded at just over $31 a barrel and American shale producers struggle.
“I go with the consent, so I agree,” the prince said, chuckling, drawing a round of applause from those on the video call. “They’ve spent over the last month waging war on American oil producers while we are defending theirs. This is not how friends treat friends,” said Sen. Kevin Cramer, a Republican from North Dakota, before the OPEC+ deal. “Frankly, I think their actions have been inexcusable and they are not going to be easily or quickly forgotten.”
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